Belgian unicorn Odoo raises €500 M, reaching a €5B valuation

Belgian provider of integrated business software Odoo has raised  €500 million in secondary capital, increasing the Belgian Unicorn’s valuation to €5 billion.

Since its founding in April 2002, Odoo has been dedicated to developing and continuously enhancing a comprehensive suite of management software applications for small and mid-sized businesses. 

Today, with over 13 million users and currently adding more than 7,000 new clients each month, Odoo helps companies to focus on mproving customer satisfaction, driving innovation, optimising business processes, and scaling operations efficiently.

Odoo has achieved sustained annual growth of 40 per cent and is projected to exceed €650 million in billings within the next 12 months, with a target of reaching €1 billion in billings by 2027. 

The company has strengthened its global presence by establishing 15 subsidiaries and building a network of 7,500 partners worldwide. 

CapitalG and Sequoia Capita led the funding, with participation from BlackRock, Mubadala Investment Company, HarbourVest Partners, AVP, and Alkeon. 

As part of the transaction, existing investors Summit Partners, Noshaq, and Wallonie Entreprendre are selling a portion of their shares; Summit will remain Odoo’s largest institutional shareholder.

“Fabien and his team have built a one-of-a-kind business from their ambitious vision for a unified suite of tightly integrated business apps,” said Alex Nichols, partner at CapitalG, the independent growth firm of Alphabet Inc.:

 “Odoo’s powerful and easy-to-use suite of apps has won over customers across more than 100 countries and virtually every industry, as well as companies with anywhere from one to thousands of employees. 

The team’s two decades of dedication and long-term thinking has fostered a robust community of partners, contributors, and users that will serve as their foundation for years to come.”

According to Andrew Reed, Partner at Sequoia Capital:

 “Odoo is a tremendous business already, and it feels like their best days are still ahead. Odoo has the long-term potential to transform the SMB software market and deliver enormous value to customers.”

The recent launch of Odoo 18, the most advanced iteration of the company’s software, on October 2nd, strengthens the company’s market position and enhances overall performance and customer experience.

“ERPs are traditionally expensive and resource-intensive to implement, often failing to meet the actual needs and evolving requirements of SMEs. We have developed a unique value proposition that is playing a pivotal role in the market,” explains Fabien Pinckaers, founder and CEO of Odo.

Faris Al Mazrui, Head of Growth at Mubadala, sees Odoo as an exceptional partner for companies adapting to cloud and AI megatrends:

“We’re excited to support their growth worldwide.”

For 2025, the unicorn is already expecting many more opportunities and expansion projects, enhancing Odoo’s capabilities for research and development, and allowing accelerated innovation in its product offerings.

The company expects to open five new subsidiaries within the next three years across Europe, Latin America and Asia-Pacific.

Lead mage: Fabien Pinckaers, founder and CEO of Odoo. Photo: uncredited.